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( As on 10/11/2025 18:12)

RBI slaps Rs 1.5 Lakh Penalty on Karaikudi Co-operative Town Bank for Regulatory Violations

The Reserve Bank of India (RBI) has imposed a Rs 1.50 lakh penalty on The Karaikudi Co-operative Town Bank Limited, Tamil Nadu, for non-compliance with directions related to Prudential Norms on Capital Adequacy for Urban Co-operative Banks (UCBs) and Know Your Customer (KYC) guidelines.

The action follows an RBI inspection as of March 31, 2024, which found multiple violations, including refunding share capital despite inadequate Capital to Risk-Weighted Assets Ratio (CRAR), sanctioning loans without adhering to share-linking norms, and failing to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the stipulated timeframe.

After reviewing the bank’s response and hearing its submissions, the RBI confirmed these breaches and imposed the penalty. The central bank clarified that the action pertains solely to compliance deficiencies and does not question the validity of the bank’s customer transactions or agreements.